Catching the next ride up in soybeans

Market Pulse: November 12

This past Friday’s bearish November WASDE report gave the bears in beans what they needed to push January 2013 soybeans down $0.44½ on Friday and as of 10:00AM CT Monday down $0.40. Last week January 2013 Soybeans opened at $15.20¾ per bushel and closed the week at $14.51¼. Next stop possibly $14.00 and from there a retest of $13.50 like we saw at the end of May 2012 as plantings were doing very well.

On the daily chart we see ADX at 33.9 and rising as well as DI Differential at 33.8 and rising with DI- over DI+ reflecting a strong trend. MACD is just pulling down away from the signal line adding divergence and Stochastics are in deep oversold territory. The red vertical lines you see are technical set-ups you will find easier to catch using a tool called the TS Analyzer (there is an FX Analyzer for Forex trader).